Best Market Stats for Home Buyers

November 29, 2017

Today’s real estate market is unique. Overall it’s fast-paced and competitive. So, what market stats are important for home buyers to review? Zillow recently conducted a survey of more than 13,000 homeowner, buyers and renters, here are some of the results.

Buyers have a median age of 40, even though most (71%) first-time buyers are Millennials.
Median household income of the typical buyer is $87,500 and most buyers are married or partnered, and are rely on two incomes to finance their home.
The average home in the U.S. purchased has 3 bedrooms, 2 1/2 bathrooms, measures 1,800 square feet and costs $200,000.
The # 1 thing buyers want more than anything is for their home to be in a safe neighborhood and the #2 thing that the home is in their price range.
The #3 biggest thing was they wanted their home to have air conditioning.
It usually takes buyers around 4.3 months to find a home. Millennials take a little less than 4 months and the Silent Generation takes the longest at 5.6 months.
49% of buyers buy homes in the suburbs.
A typical seller has lived in their home for 12 years.
Most sellers are selling for the first time (61%) and looking to buy at the same time (71%).
One in two sellers sell their home for less than their original listing price.

When you find a home you’d like to purchase, you will want to do some research on the purchase price and how long the seller has owned the home. Don’t be in a rush or get emotionally tied to a certain place—home buying takes time.

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